26 June 2012 16:33 [Source: ICIS news]
HOUSTON (ICIS)--A US butadiene (BD) producer has nominated a 17 cent/lb ($375/tonne, €300/tonne) drop for July, a reduction that puts its contracts at 90 cents/lb next month, market sources said on Tuesday.
The nomination represents a 16% reduction from June, when that supplier settled its contracts at $1.07/lb.
It also undercut proposed reductions by two other producers, which nominated July drops of 9 and 12 cents/lb in recent days.
A fourth US producer is expected to step out with its initiative in the next few days.
US BD contracts normally settle at the end of the month for the following month.
The drop in July will be the third in as many months.
US BD prices rose by 58% between January and April after four consecutive monthly increases, but prices fell by 7 cents/lb in May and slumped by 40 cents/lb in June.
BD producers in North America include ExxonMobil, LyondellBasell, Shell and TPC Group. Buyers include Ashland, Invista, LANXESS, Michelin and Negromex.
($1 = €0.80)
Follow William on Twitter
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections